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According to the IEA, total global energy investment is expected to reach US$2.8 trillion in 2023, with clean energy investment expected to increase by 24% from 2021 to more than US$1.7 trillion. Investment in fossil fuels is expected to increase by 15 per cent over the same period, to $1.1 trillion.
Annual clean energy investment is expected to grow by 24% between 2021 and 2023, driven by renewables and electric vehicles, compared to 15% for fossil fuel investment over the same period, but with over 90% of this growth coming from developed economies and China, there is a serious risk of a new global energy divide if a clean energy transition does not occur elsewhere.
IEA Executive Officer Fatih Birol said, "Clean energy is evolving rapidly, faster than many people realise. This is evident in the investment trends. For every dollar invested in fossil fuels, $1.70 is spent on clean energy; five years ago, the ratio was one to one, which also puts solar investment ahead of investment in oil production for the first time.
The IEA expects investment in solar energy (mainly photovoltaic panels) to reach US$380 billion this year, compared to US$370 billion in oil exploration and extraction.
But the IEA warns that fossil fuel investment is also increasing as many fossil fuel producers have generated record profits due to higher fuel prices in the last year, and that current spending on fossil fuel investment is more than twice the level needed to achieve net zero emissions by 2050, meaning that fossil fuels will rebound in 2023.
The IEA also notes that clean energy investment is concentrated in developed countries and China, while the largest increases in fossil fuel investment are in Middle Eastern countries. (This article is quoted from polaris solar photovoltaic websit)
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